WA Mortgage Broker/Mortgage Dealer Bond

A Washington mortgage broker bond costs between $200 and $6,000. The actual cost of your bond is based on several factors, such as your credit score and the bond amount. The bond amount, in turn, is affected by your loan volume in the previous year. For new mortgage brokers, the bond cost is between $200 and $2,000.

The bond premium is 1% to 10% of the bond amount. Applicants with credit scores over 700 can expect a rate of 1% to 3%.  We bond mortgage brokers with scores below 599 at a higher rate. 

We offer a variety of mortgage broker bond programs. This enables us to bond more than 99% of our applicants immediately through our online application. 

Other factors are considered when we determine our risk for bonding a mortgage broker. You may be able to lower your bond premium by providing additional documentation verifying strong financial statements and substantial liquid assets.

1. Apply Online

Applying for your Washington mortgage broker bond is easy to do with our online application. Most of our customers complete the application in a couple of minutes. We take the stress out of getting the bond you need to do business in Washington, like our client Gene does.

Gene is an established mortgage broker in Olympia. His office's loan volume grew to more than $40 million last year, requiring him to obtain a larger bond. At his renewal, he came to us in search of competitive pricing. Gene was pleased to discover how easy our application process is and how competitive our rates are. 

2. Get a Quote

In most cases, our clients receive an instant quote after submitting their application for a Washington mortgage broker bond online. Your free, no-obligation quote reflects competitive pricing based on your qualifications. 

You may qualify for a lower rate if you have strong financials or a considerable amount of liquid assets. Consideration is based on our review of supporting documentation.

3. Purchase Your Bond

After approving your Washington mortgage broker bond premium, the final step is to pay the annual premium amount. If any additional documentation is required, submit that with your payment. 

Your bond will be set up in a matter of days. You’ll receive your bond via email. We can also mail a copy of the bond to you upon request. To meet the requirements of the Washington State Department of Financial Institutions, we will submit an electronic bond through the NMLS.

When learning how to get a mortgage broker license in Washington, you’ll find the requirement for a mortgage broker bond. The Washington State Department of Financial Institutions upholds the bond requirements established by the Mortgage Broker Practices Act. 

When applying for a new mortgage broker license, applicants must hold a bond of $20,000. When renewing an existing license, the bond amount is based on the prior year’s loan volume as follows:

Mortgage Broker Dealers are required to post a $100,000 surety bond.

The surety bond form lists the principal and obligee. It also includes the bonding date, the bond amount, and the surety bond provider.

The Washington State Department of Financial Institutions no longer accepts paper bonds. The surety bond provider must submit an electronic surety bond. The applicant or licensee must consent to the bond provider taking this step.